United States - November 2006

Why is there a limit on the total capital loss you can report but none on total capital income. Isn't it unfair?

2006-11-20 04:11:36 · 6 answers · asked by Indigo 2

I have some carry over captial loss from last year and I have some more loss this year. How does the $3000 limit on reporting the loss works?

Lets say I had $5000 carry over from last year and I have another $5000 total capital loss this year (after offsetting all the capital income, that is), can I only report $3000 out of all $10000? Is $7000 out of $10,000 is carry over for 2007? If not, please let me know how it works.

2006-11-20 04:09:42 · 3 answers · asked by Indigo 2

2006-11-20 03:38:42 · 4 answers · asked by mbckarenp 1

i posted a question earlier, I must have ask the question wrong. here I go again. I brought a home this year and I want to know if I will be getting back all of the interest that I paid through my mortgage or just a percentage of the interest? I live in Florida.

2006-11-20 03:25:59 · 5 answers · asked by Cowgirl Joe 2

I live in Florida I brought a house this year and I was told that I can claim some of my intrest from my mortgage payments. So far I paid 11, 000.00 in intrest. Is it true that I can claim 3% from the 11, 000.00? If not how much intrest will I be intitled to?

2006-11-20 03:00:23 · 4 answers · asked by Cowgirl Joe 2

what is it for? how much for city residents?

2006-11-20 02:08:31 · 3 answers · asked by TIANNA L 1

You mentioned Fed Med/EE and Fed OASDI/Disability is 7.65% for those w/income less than $90,000. What is the % for salary >$90,000?
Also, in my previous job, I did not see Fed OASDI deduction in my check stub, does it mean the Employer paid for the whole amount?

2006-11-20 01:11:56 · 4 answers · asked by Vaughn R 1

2006-11-20 00:24:25 · 5 answers · asked by topomixa 1

A couple will report approximately $40,000 in income for 2006 (per W-2s). The husband also gets paid in cash from his employer totalling $60,000 for the year. He wants to report this income so as not to raise a red flag with the IRS. He feels that his expenses (ie mortgage interest, taxes) reflect that of a person with alot more than $40,000 of income. Would he report this extra income on Sch C.? Would it be subject to self-employment tax even though he is not self-employed? Could it be reported as income not subject to S/E tax? He does not want to report his employer.
Any advice would be appreciated, from knowledgable tax preparers only, please. Thank you.

2006-11-19 23:03:35 · 6 answers · asked by tma 6

I live with my boyfriend. We are kinda disagreeing about who should claim our son, who was born in September. I am not working right now and he is. I only worked about 3 months this enitre year but I did pay in taxes. My aunt called and told me that I should claim the baby because I could get a lot back, more than what I payed in. My bf disagrees with her and says we would get more back if he claimed our son. My aunts daughter payed in less than 500 last year and got back about 3800. Can anyone explain anything to me? My bf says he can claim head of household, but dont you have to be married to do that? Any advice will be great, and only serious responses please.

2006-11-19 19:11:47 · 8 answers · asked by Holly S 1

2006-11-19 15:07:04 · 1 answers · asked by Direktor 5

I just received notification of a levy from my employer for $2100 dollars owed on state income tax (my employer screwed up my paperwork when I moved here from another state) I tried making payment arrangements and was unable to keep them due to some unforseen financial issues I have been having. Does anyone know if I call the Levy officer, is it possible that they will work with me and remove the levy? I cannot pay my living expenses if they levy my check. I am not in any way trying to avoid this. I do want to pay it. Any advice would be appreciate. If anyone knows specifics for Arizona, even better.

2006-11-19 13:45:21 · 3 answers · asked by Anonymous

2006-11-19 10:55:26 · 3 answers · asked by wilmer m 1

A. 1099 form
B. I-9 form
C. 1040ES form
D. W-2 form

2006-11-19 10:07:45 · 3 answers · asked by Anonymous

2006-11-19 09:59:56 · 4 answers · asked by missadrian05 2

she has not work for the last past 6yr also she is on state's funds for our kid's medical she has denied me visitation, and getz away with it, because her paid lawyer. I am unable to find work so I am unable to support myself forget about my own son. but yet she's able to pay $1,400.oo monthly for mortgage, lawyer, clothes, food, lights, gas, and transportation in a Benz. I how can I prove she getting (at least $3,000.oo) money illegally. I have already called IRS hotline and reported her but 2yrs later "NOTHING" I need to know who what when why and how to get her in trouble now and get my son back in my life. she broken me, i cant afford a lawyer and i need to send her to jail now.

2006-11-19 09:24:42 · 11 answers · asked by Christopher T 1

A few years ago, I opened a trust fund for my niece who now turns 18 yrs. I want to transfer this fund to her which is about $70,000. Would I or my niece be subject to pay any taxes on this fund?
When I opened this Fund, I put my name and my niece name on it with our social security numbers.
I appreciate any advise befor I transfer this Fund.

2006-11-19 08:32:02 · 3 answers · asked by PARIS83 1

A. W-2
B. 1040
C. 1065
D.1040ES

2006-11-19 07:48:26 · 3 answers · asked by Anonymous

calgrant will stop helping me at UCDAvis should i take out a loan or have parents help with tuitilon?
how does loan payment and interest can it be deduced in any way to help with IRS?

2006-11-19 05:29:13 · 4 answers · asked by N M 1

2006-11-19 04:38:08 · 4 answers · asked by Wendy 2

2006-11-19 04:03:19 · 3 answers · asked by Adam Jon-Marq B 1

I am a single mother. I'm not sure which one to choose.

2006-11-19 02:44:21 · 6 answers · asked by GIG45TXFL 3

My dad sold his home after living there for 20+ years and bought a condo. 6 months later he sold that condo and bought a bigger condo for slightly more money (no capital gains at all with that sale). He's now lived in this last condo for 2 years but needs to sell it because we have to move him into assisted living. (He's lived by himself for all this time). We were told by his accountant that he would avoid the capital gains tax if he occupied his home for at least 2 years. But I've read some articles that say one has to own the home 5 years and occupy it for 2 of those years. What's the right anwer??

2006-11-19 01:07:37 · 8 answers · asked by rosecitylady 5

I am trying to calculate how much tax I need to be paying each year. I was looking at the IRS website at the income tax rates. It says filing as married, jointly for 2007 is $1,565.00 plus 15% of the amount over 15,650 for incomes between $15,650 and $63,700. Does income tax refer to only the federal withholding or everything combined (federal + state + medicare + oasdi + etc..)? If I anticipate making $63000 for 2007 in the state of Texas, how much total taxes should I expect to pay (this includes federal withholding, oasdi, medicare, and any other applicable taxes)? I want to know exactly how much I should expect per pay check (bi-weekly) if I have the exact amount of taxes withheld per paycheck so that at the end of the year I neither owe the IRS or have a refund.

2006-11-18 20:27:02 · 2 answers · asked by iamstidi 1

2006-11-18 16:36:37 · 6 answers · asked by johnny_combs2003 1

2006-11-18 14:07:00 · 7 answers · asked by justwondering 1

2006-11-18 13:49:05 · 10 answers · asked by justwondering 1

2006-11-18 11:40:09 · 2 answers · asked by JohnMc 2

2006-11-18 11:27:19 · 4 answers · asked by Bud P 1

I was wondering, since almost everything in life now you have to pay taxes for to the state/country. Like the pavement you walk on.
The money you earned, the water you use, even the air you breath.

What things in life you do not have to pay taxes for to the country you're in?

2006-11-18 11:02:18 · 4 answers · asked by Anonymous